The Whig Standard, Canada
Ian Elliot 16.02.2010
A former Kingston high-tech darling has announced that it is shutting
down its Kingston operation for at least the next three months.
Performance Plants Inc., a biotech startup that was often seen as the
star of the city’s emerging knowledge-based sector, announced late
Friday that it was mothballing its Kingston operation for 13 weeks and
closing a research and development facility in New York State
It cited economic reasons for the shutdown, saying that it continues
to produce scientific accomplishments but has had difficulty raising
enough money to bring those technologies to the market.
The company, which was housed in the former Norcom plant, is privately
held, not publicly traded, and said there was a limited amount of
private equity financing available in the market.
In Kingston, 29 employees are affected; the Waterloo, New York office
employed six staffers.
Company president and CEO Peter Matthewman said he hopes the company
can reopen in May with new financing.
Matthewman said a committee will be looking at alternate finance
options over the coming months and will make a recommendation to the
board of directors on which direction the company should proceed.
The company specialized in research in the area of genetically
modified crops, treating them to increase yields, enhance frost
resistance and make them less susceptible to droughts.